Record raids on retirement $$ to pay bills (chart)

By Taxpayers Association of Oregon
OregonWatchdog.com

The Wall Street Journal reported that Vangaurd Group reported record raids on 401(k)s as Americans pull out their money early from retirement in order to pay bills and other financial emergencies.

Now consider this alarming data with these similar news;

• Americans are emptying their savings accounts: Consumers are fueling their spending binge by emptying out their savings as the average savings rate falls below the traditional 5%.

• Americans are maxing out credit cards:  Consumers are fueling their spending binge by maxing out their credit cards (Credit card debt hits record high).

• Americans are not making their car payments: Consumers are spending recklessly while missing car payments as car defaults hit 29-year high.

Now is not the time for Biden’s recent list of tax increases.

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